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SINGAPORE: Mainboard-listed shipping trust, Rickmers Maritime, said its income available for distribution rose 36 per cent on-year to US$19.1 million in the third quarter.
The trust's charter revenue rose 43 per cent to US$38 million in the quarter, mainly due to smooth operations of its fleet as well as revenue contribution from four new vessels.
But its third quarter distribution per unit dropped 73 per cent from a year earlier to 0.6 US cents.
Rickmers said it is only distributing around 13 per cent of its distributable cash flow because it is continuing its cash conservation efforts amid unresolved financing issues.
The financing issues include value-to-loan covenants, the refinancing of a US$130 million top-up loan facility and the financing of its existing order book.
The trust said it has constantly engaged its 10 lending banks and the Rickmers Group in discussions. But due to the many parties involved, no agreement has yet been reached.
Looking ahead, Rickmers said the shipping industry remains overshadowed by a substantial backlog of new tonnage to be delivered in the next few years. But it believes its long-term leases will help it weather the challenges. - 938LIVE/vm
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